KINGSTON — Golden Mile Funding LLC is a company that funds local businesses in Luzerne and Lackawanna counties from their headquarters at 400 Third Ave., No. 315, Kingston.
Company President Alan Peterson said that he and his partners started Skytop Business Loans in 2015, a company that still exists, but started Golden Mile in June of this year to work with local businesses.
“We noticed that there was a real opportunity for businesses in Luzerne and Lackawanna counties,” Peterson said. “I like the local businesses. People here understand each other better than anyone else could.
“That’s what we’re about.”
Peterson was born in Kingston and grew up on South Loveland Avenue with his family, who were in the bar and restaurant business. He said that helped him understand the area and that his ties there never went away.
“I lived all over the country but was always homesick,” he said. “I couldn’t find any good pizza. That’s what brought me back home.”
Peterson used to work for a local bank, but realized it wasn’t for him after noticing low approval ratings for loans.
“Eighty percent of all loans on the commercial side are declined. That’s why businesses like mine are flourishing right now. We can get anyone approved,” he said, adding that approval is revenue based, not credit-score based.
“We don’t care if someone has imperfect credit. We don’t hold any collateral, and we can get money in their account within 72 hours,” he said, explaining that this means as long as a business has been open for at least a year, and they have yearly gross deposits of at least $10,000, they can be approved to receive funding from Golden Mile.
The company also waives fees for businesses in Luzerne and Lackawanna counties.
Peterson added that Golden Mile has already become intertwined with the community. When the banks in the area decline, their clients are referred to Golden Mile.
”They don’t have to say no anymore. It’s not good hearing no,” Peterson said. “At least (they can) say, ‘I can’t help you, but Alan can. He’s right in Kingston.’”